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Under unusual pressure for much of this month, there was welcome relief for
ARM Holdings, courtesy of Bank of America Merrill Lynch. Didier Scemama,
Merrill’s semiconductor analyst and a long-standing ARM bull, argued that
the bears had it all wrong.

The Cambridge microchip designer’s big.LITTLE processing system will be lapped
up by makers of mid-to low-end smartphones, he reassured clients. That will
drive royalty rates from 1.5 per cent last year to 2.4 per cent in 2016.

He conceded that ARM may look a touch pricey at the moment — this is a company
trading on 44 times this year’s projected

It is understandable that the construction of an air-polluting,
noise-blighting £22 billion third runway to turn Heathrow into the world’s
pre-eminent superhub caught the eye, but the Davies report into airport
expansion also made another radical suggestion: that — third runway or not —
Heathrow should start acting like the UK hub that it pretends to be